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Currency Converter

Most international money transfers require a currency conversion. This process is typically automated by the money transfer service or bank. However, you need to know where to find the best FX rates to get the best deal. This hub page is an excellent resource for understanding currency conversions. Read to the end to learn about the top 3 companies you can use today to send money with competitive currency conversion rates.



We understand that many money transfer customers need to understand better how FX rates work to get a better deal. Therefore, we have created this hub page that can act as a resource where you can get all the information you need. 

Along the way, we provide different money transfer companies that offer the best currency conversion rates in the industry. Examples include Wise, Xe, Instarem, WorldRemit, and Currencies Direct. These should be your top choice for ensuring that you can get the best FX rates and a wide range of other benefits.

What you need to know about currency conversions

This section outlines what information you should know before looking for the best FX rates. It will be handy for customers that are beginners to international money transfers and want to get the best deal when sending money. 

  • Mid-market rate: also known as the interbank rate, the mid-market rate is the rate that is set by the market. It is the best rate you can get, constantly fluctuating. Global forces cause market prices to change. 
  • Markup percentage: the markup percentage refers to the difference between the mid-market rate and the rate that the money transfer service or bank offers. Think of this as a fee used to generate profit for the financial institution providing the currency conversions. For example, Xe Money Transfer charges a mark-up rate of 0.4-1.2%, which is more competitive than most banks. 
  • Spot rate: the spot rate is the rate at which you may want to settle the transaction. Money transfer services like Cornerstone FS allow you to set up a spot rate. The international money transfer will execute only when market conditions meet your desired FX rate. This is ideal if you are running a business and want to control what FX rates are used to send and receive payments. 

These currency conversion terms are just the tip of the iceberg. We encourage you to examine the posts on this hub page to learn more about currency conversion. This will help you get the best FX rates for your currency pairs. 

How to get the best FX rates?

We understand that finding the best FX rates for your international money transfer can be tricky. In this section, you will find advice that will help you get currency conversion rates that offer the best deal. 

Compare money transfer services: take the time to look at what rates are offered by the top money transfer services. Most offer transparency by showing off their rates on the homepage. Simply enter the amount you want to transfer and the currency exchange you are looking for.

Most money transfer services provide better FX rates than banks. Therefore, you will be saving money, which allows you to send more funds, and the recipient gets the same amount. You can also use our comparison engine to find the best FX rates. 

Spot rates: when using a business-oriented money transfer service like VertoFX, set up a spot rate to get a deal that suits your needs. Spot rates are automated, so you do not need to manually check the rates until the market reaches your desired value. Business owners can use spot rates to manage risks and improve profitability. This is especially true for businesses that operate internationally and receive payments in many currencies. 

Avoid ATMs and Airport Kiosks: the only reason you may use an ATM or airport kiosk for currency exchange is in an emergency. These services understand that customers need last-minute currency exchange services, so there is a steep markup percentage – 5-10% is what you are likely to pay. Plan ahead of time by taking advantage of money transfer services to get the best FX rates. 

Top 3 companies for competitive FX rates

We understand that it can take a lot of research to find the best company for getting good currency conversion rates. To save you the hassle of narrowing down an extensive list of possible services, you will find three money transfer services that you can use today in the following section. 

1. Xe Money Transfer

Xe Money Transfer is one of the most well-respected transfer providers that offer transparent FX rates. They have been operating for over 30 years and provide competitive money transfer fees. They offer coverage of over 170 countries and 65 currencies. This is perfect for customers that send money internationally.  

The multilingual accessibility ensures that customers without English as their native language can have a better experience. The additional languages offered include French, Italian, Portuguese, Swedish, Spanish, Japanese, and Chinese. Also, the Xe mobile app is easy to use for international money transfers. You can view the live FX rates on the app to ensure that you get a good deal. 

2. Wise

Wise has a reputation for providing excellent FX rates for many currency pairs. You can check what rates they offer for your transfers on their homepage. You can preview the rate you will receive with information about fees and what amount the recipient will get. This level of transparency allows customers to trust Wise with sending money internationally. 

Wise has been approved by the Financial Conduct Authority and has excellent reviews on websites like TrustPilot. Also, their customer service team goes above and beyond when helping customers deal with problems. Finally, the mobile app offers strong security features, and you can check live FX rates to see if you are getting the right deal for your international money transfers. 

3. Instarem

Instarem is a digital payments company that has headquarters in Singapore. They provide transfers to over 150 countries and offer one of the industry’s best FX rates. Most currency pairs expect the currency conversions to have a 0-0.5% markup. That is hard to beat by any measure. The transparency of Instarem means that you do not have to worry about hidden charges. 

Their dedicated 24/7 customer service team provides help via phone, email, and live chat. They respond quickly to problems and will help you send money internationally. Also, an InstaPoints Reward Program allows you to receive points for transferring money. These points can then be used to earn discounts to reduce fees for future money transfers. 

Frequently Asked Questions

Can you convert currencies with a mobile app?
How can you get the best FX rates for international money transfers?
What companies offer the best FX rates for business transfers?
What should you avoid to get the best currency exchange rates?
What is a competitive FX markup percentage?

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Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.